Calculate property taxes on a 139,000 home purchase.
About Property Taxes
Property taxes are assessed by local municipalities to pay for things such as local public schools, parks, and other municipal expenses. It can be confusing to estimate your new property taxes when buying a home.
When you buy a home, the property taxes are typically assessed based on the purchase price. You could end up paying significantly higher property taxes than the previous owner, especially if the previous owner has lived in the home for years and the taxable value is less than the purchase price.
For example, let's say that the previous owner has owned the house for 20 years and the taxable value is $55,600. However, the house is worth much more, and you pay $139,000. In this scenario, your new taxable value could be $139,000, and if the tax rate is 2%, the new tax bill could be $2,780/year even though the previous owner paid just $1,112.
Previous Owner
New Owner
Taxable Value
$55,600
$139,000
Tax Rate
2%
2%
Property Taxes
$1,112
$2,780
Estimate Property Taxes on a 139,000 Home Purchase
Use this calculator to determine the new tax bill on a home purchase. The results will update as you type. Your local government should have data about the tax rates and millage rates. You'll need to find out how the taxable value is calculated. Many times, the accessed and taxable values are 50% of the actual purchase price of the home.
$
%
Property Taxes
$
$
Property Taxes
Taxes Using 100% Value
Value
Tax Rate
Property Taxes
139,000
0.1%
$139
139,000
0.2%
$278
139,000
0.3%
$417
139,000
0.4%
$556
139,000
0.5%
$695
139,000
0.6%
$834
139,000
0.7%
$973
139,000
0.8%
$1,112
139,000
0.9%
$1,251
139,000
1%
$1,390
139,000
1.1%
$1,529
139,000
1.2%
$1,668
139,000
1.3%
$1,807
139,000
1.4%
$1,946
139,000
1.5%
$2,085
139,000
1.6%
$2,224
139,000
1.7%
$2,363
139,000
1.8%
$2,502
139,000
1.9%
$2,641
139,000
2%
$2,780
139,000
2.1%
$2,919
139,000
2.2%
$3,058
139,000
2.3%
$3,197
139,000
2.4%
$3,336
139,000
2.5%
$3,475
139,000
2.6%
$3,614
139,000
2.7%
$3,753
139,000
2.8%
$3,892
139,000
2.9%
$4,031
139,000
3%
$4,170
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
69,500
$2 per $1,000
$139
69,500
$4 per $1,000
$278
69,500
$6 per $1,000
$417
69,500
$8 per $1,000
$556
69,500
$10 per $1,000
$695
69,500
$12 per $1,000
$834
69,500
$14 per $1,000
$973
69,500
$16 per $1,000
$1,112
69,500
$18 per $1,000
$1,251
69,500
$20 per $1,000
$1,390
69,500
$22 per $1,000
$1,529
69,500
$24 per $1,000
$1,668
69,500
$26 per $1,000
$1,807
69,500
$28 per $1,000
$1,946
69,500
$30 per $1,000
$2,085
69,500
$32 per $1,000
$2,224
69,500
$34 per $1,000
$2,363
69,500
$36 per $1,000
$2,502
69,500
$38 per $1,000
$2,641
69,500
$40 per $1,000
$2,780
69,500
$42 per $1,000
$2,919
69,500
$44 per $1,000
$3,058
69,500
$46 per $1,000
$3,197
69,500
$48 per $1,000
$3,336
69,500
$50 per $1,000
$3,475
69,500
$52 per $1,000
$3,614
69,500
$54 per $1,000
$3,753
69,500
$56 per $1,000
$3,892
69,500
$58 per $1,000
$4,031
69,500
$60 per $1,000
$4,170
Understanding the Tax Bill
Many times, a property is accessed at 50% of the value of a property. The taxable value often has a cap on the amount that it can increase but this depends on the municipality. This is why long time home owners often have taxable values much less than assessed values.
The millage rate is a number used by local governments to assess taxes. It is expressed as a dollar amount for every $1,000 in taxable value. For example, 40 mills would equal $40 in property taxes for every $1,000 of taxable value. So for a home with a taxable value of $69,500, a rate of 40 mills would have property taxes of $2,780.
Assessed Value
Value that the assessor gives to the property. This is usually less than the actual value of the home.
Taxable Value
The value that is used to calculate property taxes.